Lazada and Peak3 Launch JV to Revolutionize Insurance in South East Asia

Peak3, a world leader in insurance technology, and Lazada, the top eCommerce platform in Southeast Asia, have announced the start of a joint venture (JV) to create the region's premier digital and embedded insurance ecosystem.

The new joint venture, which builds on Peak3's SaaS insurance orchestration platform and works with top insurers, is integrating creative, practical, and reasonably priced insurance products into Lazada's flourishing local ecosystems, connecting over a million active sellers each month with roughly 160 million active users.

Through the integration of various insurance products into its ecosystem, this joint venture expands Lazada's capabilities beyond its core eCommerce operations. Through the Lazada app and website, buyers can easily get insurance coverage, and merchants can take use of specially designed measures to keep their companies secure. This helps Lazada achieve its goal of becoming a holistic lifestyle platform by creating a supporting ecosystem for all users.

 “We are excited to deeply partner with Lazada on this venture, contributing our technology and expertise from similar joint ventures with Grab, Klook and Carro. Lazada has an incredible ecosystem and reach, and we have already seen remarkable market traction.” Bill Song, Group CEO of Peak3, said.

The partnership has launched twelve insurance products in six countries—Singapore, Malaysia, the Philippines, Vietnam, Thailand, and Indonesia—since it was formed in August 2024. More than 5 million policies have been issued thus far, with an average of more than 70,000 policies every day.